Core Viewpoint - Wanma Co., Ltd. focuses on three main business areas: electric wires and cables, new materials, and new energy [1] Group 1: Business Overview - The company has a product line in the new energy sector that includes charging piles and charging stack products ranging from 7kW to 960kW [1] - The product offerings include high-power integrated and split DC charging piles, wall-mounted AC charging piles, and smart AC charging piles [1] - The company provides charging services for new energy vehicles and has expanded into operation and maintenance services [1] Group 2: Product Applications - The electric wire and cable products are applicable in smart grid-related fields [1]

Group 1 - The company, Wanma Co., Ltd., primarily focuses on three main business areas: electrical wires and cables, new materials, and renewable energy [2] - In the renewable energy sector, the company offers a product line of charging piles and charging stations ranging from 7kW to 960kW, including high-power integrated and split DC charging piles, wall-mounted AC charging piles, and smart AC charging piles [2] - The company's main products include DC single pile series, DC group charging series, and AC pile series, and it has expanded its services to include operation and maintenance for charging stations in addition to providing charging services for new energy vehicles [2] Group 2 - The company's electrical wire and cable products are applicable in the smart grid sector [2]

Group 1 - The company, Yingjie Electric, responded to an investor inquiry regarding the conversion of its 12,000 DC charging pile capacity into delivered 1920KW mega charging stacks, indicating that the calculation cannot be simplified due to various product models and configurations [2] - Yingjie Electric's charging pile products support multiple configurations, including single-gun, dual-gun, and liquid-cooled ultra-fast charging options, allowing customers to choose based on application scenarios [2] - The power range for these products is between 240KW and 960KW, highlighting the versatility and capability of the company's offerings in the charging infrastructure market [2]

Core Viewpoint - Wanma Co., Ltd. has achieved a significant milestone by obtaining the first CCC certification in the charging sector through its subsidiary, Zhejiang Wanma New Energy Co., Ltd., demonstrating its commitment to innovation and quality in the electric vehicle charging market [2][6]. Group 1: Certification and Market Context - The CCC certification for electric vehicle charging equipment was mandated by the National Market Supervision Administration, effective from March 1, 2025, with non-compliant devices prohibited from sale and use starting August 1, 2026 [4]. - The charging infrastructure in China has seen explosive growth, with a total of 12.352 million charging facilities, including 3.46 million public charging piles and 8.892 million home charging piles as of November 2024 [4]. Group 2: Company Achievements and Product Development - Wanma New Energy has been deeply involved in the charging sector for over a decade, developing a comprehensive product line ranging from 7kW to 960kW charging piles, including high-power integrated and split DC charging piles, wall-mounted AC charging piles, and smart AC charging piles [5]. - In 2024, Wanma New Energy capitalized on the rapid growth of the new energy heavy truck market, achieving a 437% year-on-year increase in sales of heavy truck charging equipment, and reported a compound annual growth rate of 38.26% in charging equipment sales over three years [5]. Group 3: Technological Advancements and Future Plans - The CCC certification process included hundreds of stringent testing criteria, with Wanma New Energy's AC charging piles demonstrating superior performance in key metrics such as insulation and withstand voltage strength, setting new industry standards [5]. - Moving forward, Wanma New Energy aims to enhance technological innovation and user experience, focusing on higher safety standards, improved compatibility, and superior smart features to drive the upgrade of China's charging infrastructure [6].

Core Insights - The company reported a revenue of 1.015 billion yuan for 2024, representing a year-on-year increase of 56.05%, while the net profit attributable to shareholders was 14 million yuan, a decrease of 19.28% year-on-year [1] - In Q1 2025, the company achieved a revenue of 201 million yuan, with a quarter-on-quarter increase of 31.33% but a year-on-year decrease of 50.00% [1] - The company’s charging pile revenue for 2024 reached 806 million yuan, up 59.6% year-on-year, with a gross margin of 30.24%, down 3.10 percentage points [2] - The company’s drone business is steadily developing, with applications in various fields such as emergency rescue and logistics support [3] Financial Performance - For 2024, the company achieved a revenue of 1.015 billion yuan, with a net profit of 14 million yuan, and a non-recurring net profit of 11 million yuan, which is an increase of 93.62% year-on-year [1] - In Q1 2025, the company reported a net profit of -7 million yuan, with a year-on-year decrease of 140.36% [1] - The gross profit margin for Q1 2025 was 31.79%, showing a quarter-on-quarter increase of 5.38 percentage points [1] Charging Pile Business - The charging pile revenue for 2024 was 806 million yuan, reflecting a year-on-year growth of 59.6% [2] - The company has launched new products, including a 1000kW DC charging pile and an 800kW fully liquid-cooled DC charging pile, to meet customer demand [2] - The company has established strategic partnerships with major energy companies and has expanded its market presence both domestically and internationally [2] Drone Business - The company’s drone business is supported by a core team with over ten years of experience in research, production, and flight [3] - The ZC series of unmanned helicopters developed by the company features high payload capacity, long flight duration, and high reliability [3] - The drone products are applicable in various sectors, including emergency rescue, urban firefighting, and logistics support [3] Investment Outlook - The company is expected to achieve net profits of 151 million yuan, 259 million yuan, and 391 million yuan for 2025, 2026, and 2027, respectively, indicating significant growth [3] - Corresponding EPS estimates are projected at 0.21 yuan, 0.37 yuan, and 0.55 yuan for the same years [3]